Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.091%

Price spread now: BingX against Injective+3.140%117s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BingX is 3.140% dearer against Injective than usual: you sell high and buy low: +$314 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.197%, so the current rate has only just turned in your favour. The two prices were read 117 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENGU/USDC PERP	0.008789	0.0033	pay 0.0004% / 1h	53m 25s	$3K	$117K	5.5x
Short	BingX PENGU-USDC	0.009065	0.0100	get 0.0050% / 4h	3h 53m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee BingXbpOrdersPrice spread, now +3.140%Rate

Funding earned: $14
Price spread: +3.140% → 0.000%: $314.03
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: $318.01
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BingX: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell BingX live order book, 5 min ago	1.67 bp	17.2 bp −$17	53.2 bp −$532	361.7 bp −$36.2K	1025.4 bp −$512.7K

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENGU on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008998	+2.378%	$19K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.009072	+3.222%	$33K	—	150x	as long as short
Injective PENGU/USDC PERPlong	+0.0033%	1h	0.008789	long leg	$3K	$117K	5.5x
dYdX PENGU-USD	+0.0054%	1h	0.009048	+2.951%	$12K	$5K	5x	as long as short
01 Exchange PENGUUSD	+0.0080%	1h	0.009060	+3.083%	$207	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.009038	+2.833%	$326K	$725K	8x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.009068	+3.174%	$609K	$1.0M	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.009070	+3.197%	$8.5M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.009060	+3.083%	$130K	$600K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.009044	+2.901%	$159K	$243K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENGUUSDT	+0.0100%	4h	0.009073	+3.237%	$39.0M	$168.1M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.009074	+3.243%	$24.1M	$40.3M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.009079	+3.300%	$7.8M	$49.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.009060	+3.083%	$19K	$24K	5x	as long as short
Gate PENGU_USDT	+0.0100%	4h	0.009067	+3.163%	$3.4M	$16.0M	75x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.009072	+3.220%	$11.1M	$12.4M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.009063	+3.118%	$4.9M	$9.3M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.009070	+3.197%	$8.9M	$12.8M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.009065	+3.140%	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008992	+2.310%	$301K	$330K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008998	+2.377%	$934K	$1.0M	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008963	+1.985%	$478K	$2.1M	10x	as long as short
Orderly PERP_PENGU_USDC	+0.0100%	4h	0.009078	+3.288%	$24K	$85K	20x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009218	+4.881%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008997	+2.367%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.009016	+2.583%	$93K	$377K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.009073	+3.237%	$187K	$943K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.009075	+3.254%	$210K	—	3x	as long as short
ApeX Omni PENGUUSDT	+0.0169%	1h	0.009026	+2.697%	$82K	$242K	50x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.009061	+3.091%	$306	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.009023	+2.662%	$1.5M	$4.0M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0516% / S −0.0477%	1h	0.009073	+3.231%	$128K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0607%	1h	0.009009	+2.504%	$351K	$2.4M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2704%	1h	0.009069	+3.186%	$96K	$61K	50x	as long as short